CLP.L Regulatory News (CLP)

22 Nov 2005 16:02

Brainspark PLC22 November 2005 The following replaces the "Update on Investments" announcement made on 21November 2005 under RNS Number 4523U at 16.54. The "convertible loan agreement"should have read, "an investment agreement the principal terms of which wereannounced on 11 August 2005". All other details remain the same. FOR IMMEDIATE RELEASE 22 November 2005 BRAINSPARK PLC ("Brainspark" or "the Company") Update on Investments Investment in Geosim Systems Limited ("Geosim") Further to the announcements of 26 October 2005 and 11 August 2005, Brainsparknow announces that, together with Geosim and the other shareholders in Geosim,the Company have entered into an investment agreement, the principal terms ofwhich were announced on 11 August 2005, with CRASH Ventures LLC, a US privateequity firm, (the "Firm") (the "Geosim Agreement"), a Oregon limited liabilitycompany. EasyArt acquires WorldGallery assets and appoints new CEO Rachel Elnaugh, former chief executive of Red Letter Days and panellist onBBC2's Dragons' Den, has been appointed CEO of Easyart.com, the UK's leadingonline art and framing retailer (www.easyart.com). Brainspark holds an 19%equity position in the company. Ms Elnaugh, 40, will have the opportunity to acquiring up to 20% of the businessthrough a mix of personal investment and share options. She takes over fromfounder Simon Matthews, who will continue to work with the company as anadvisor. Easyart.com have announced the acquisition of rival art portalWorldgallery.co.uk. for a consideration of 27,539 new Easyart Holdings Ltd Dshares, valuing the acquisition at £ 137,395 or £5.00 per share. Following the issue of the new shares, Brainspark will own 54, 690 Easyartsharesrepresenting 17.6% of the total Easyart share capital. This information is provided by RNS The company news service from the London Stock Exchange